A cover for terror

Given the increasing acts of terrorism, an insurance policy that covers such acts might just be what you need. Insurance against terrorism is not rare globally. And in India, it’s now coming into its own.

Click2insure.in, a portal owned by New Delhi-based Optima Insurance Brokers, which offers insurance solutions, is offering the policy free of cost to the first 100,000 applicants. The policy is underwritten by New India Assurance.

Click2insure has devised a basic policy that offers a compensation of Rs 1 lakh to applicants affected by any act of terrorism in the country. The police, however, have to record the particular crime under terrorism for a claim to become possible. Currently, the policy is free for the first 100,000 subscriptions for the first year. Click2insure will pay up the nominal premium on behalf of the applicants to New India Assurance.

The policy has been devised with an eye on the overheads. Says Rahul Aggarwal, CEO, Optima Insurance Brokers: “We devised a policy with simple terminology and low overheads to keep the costs rock bottom.” It’s easy to apply for the policy on the website and you can take a printout of the policy certificate immediately. Adds Aggarwal: “We are getting responses from places I have never heard of.”

Click2insure also ensures efficient claims servicing. “We don’t want injured people or bereaved families to suffer for lack of compensation,” says Aggarwal. Individuals in sensitive areas or even in professions in sensitive industries such as airlines may want to get a terror cover. If you need a higher cover amount, though, you may have to wait a while before general insurers make it a part of their regular offerings.

—Nitya Varadarajan